LONDON--(BUSINESS WIRE)--The automotive pump market size is expected to grow by USD 42.23 billion during 2020-2024, according to the latest market research report by Technavio. Request a free sample report
Automakers are increasingly focusing on improving the performance, fuel efficiency, and safety while reducing harmful emissions. In addition, automotive manufacturers have also been offering electronic fuel injected vehicles for delivering high performance and superior mileage. Automotive fuel injection systems play a key role in determining a vehicle’s performance and ensure fuel efficiency and reduction of carbon emissions. Furthermore, automakers have also increased the use of multi-port fuel injection systems in modern vehicles that offer a precise flow of fuel into the intake manifold. This increasing use of electric fuel pumps as an integral part of fuel injection systems is further expected to drive the automotive pumps market growth in the coming years.
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As per Technavio, the developments in the field of hydrocarbon evaporation control systems will have a positive impact on the market and contribute to its growth significantly over the forecast period. This automotive pump market research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Automotive Pump Market: Developments in the Field of Hydrocarbon Evaporation Control Systems
Various stakeholders operating in the automotive value chain, along with government councils and institutions, are developing an environmentally sustainable automotive industry. This has led to different innovations in automotive technologies and systems to reduce harmful effects on the environment. Furthermore, vendors in the market are also developing electrified solutions such as electric pumps to reduce hydrocarbon evaporative emissions. These continuous developments in the field of hydrocarbon evaporation control systems are expected to drive the automotive pump market growth during the forecast period.
“Rising focus of OEMs on developing autonomous vehicles, increasing adoption of new or improved emission standards, and flourishing growth of the automotive industry in emerging economies will have a significant impact on the growth of the automotive pump market value during the forecast period,” says a senior analyst at Technavio.
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Automotive Pump Market: Segmentation Analysis
This market research report segments the automotive pump market by vehicle type (passenger cars and commercial vehicles) and geography (APAC, North America, Europe, MEA, and South America).
The APAC region led the automotive pump market share in 2019, followed by North America, Europe, MEA, and South America respectively. During the forecast period, the APAC region is expected to register the highest incremental growth due to factors such as the rising urbanization and globalization and the growing disposable income in economies including China, Indonesia and Singapore.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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